Veteran dealmaker Michael Klein and his partners have turned their US$43 million personal investment in the blank-check acquisition firm they are merging with luxury electric vehicle startup Lucid Motors Inc into a nearly US$3.3 billion paper gain, according to Reuters calculations.
But while the most lucky investors might have scored a gain of a few fold, Klein and his partners are sitting on a paper gain of close to 9,000per cent, based on shares in the SPAC they are entitled to. Klein and his partners received 42.85 million warrants in the SPAC which are exercisable at US$1 apiece, according to regulatory filings. They were also given 51.75 million so-called founders' shares in the SPAC.
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